Thai Property Solicitors

Obtaining a mortgage bond for a property or any Real Estate in Thailand has always had its problems. The Financial Institution Business Act of 2008 was created to make mortgage bonds easier.

The reason why the Act was created was two fold in design. Firstly the Financial Institution Business Act of 2008allowed foreign banks to enter the Thai Financial Services industry. Foreigners could own as much as 25% and with the permission of the government could own up to and including 49% of the financial institution.

 The Act was also created to lower the amount of paperwork required when applying for a loan in Thailand. This was to encourage foriegners to buy property in Thailand thus pushing money into the Thai property market. Most foreigners they calculated would buy the very high end property and this would spur growth.

Before the creation of the Act when issuing a loan you needed to have special permission from the Fiscal Policy Office in Thailand. With the Act in place this was no longer needed as the paperwork and process had been streamlined by the government.  With much like everything else in Thailand confusion has reigned for some time as to the correct procedures and howthe Act is implimented. If you are looking at finance for a property in Thailand speak to any of our property solicitors in Thailand for further advice on lending institutions in Thailand. Call us today - see our main website!